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RAIFFEISEN-ZENTRALKASSE v. FIRST NAT. BANK

No. 81CA0637.

671 P.2d 1008 (1983)

RAIFFEISEN-ZENTRALKASSE TIROL REG. GEN. M.B.H., Plaintiff-Appellee, v. FIRST NATIONAL BANK IN ASPEN, Defendant-Appellant.

Colorado Court of Appeals, Div. III.

Rehearing Denied June 9, 1983.

Certiorari Denied November 7, 1983.

Attorney(s) appearing for the Case

Cosgriff, Dunn & French, P.C., John W. Dunn, Vail, for plaintiff-appellee.

Garfield & Hecht, Ronald Garfield, Craig N. Blockwick, Aspen, Maurice Nessen, New York City, for defendant-appellant.

KELLY, Judge.

The questions presented in this case involve the obligation of an issuing bank to honor a draft drawn under a letter of credit. Defendant, First National Bank in Aspen (First National), appeals from a trial court decision holding it liable on a letter of credit issued in favor of plaintiff, Raiffeisen-Zentralkasse Tirol (Austrian Bank). We reverse.

On April 5, 1976, First National issued an irrevocable letter of credit in favor of Zavratsky and...

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